US Employers Added More Jobs Than Expected in May Growth at US service providers moderated in May to the softest pace in over a year, reflecting a pullback in a measure of business activity that suggests persistent supply constraints. The Institute for Supply Management’s gauge of services decreased to 55.9 last month from 57.1 in April, according to data released Friday. While still firmly above the threshold of 50 that signals expansion, it was the weakest print since February 2021. The gauge of business activity — which parallels the ISM’s measure of factory production — declined 4.6 points to a two-year low of 54.5 last month. However, the index of new orders, another gauge of demand, climbed in May to 57.6. “The mix of components as well as the comments from respondents suggest that firms are plagued more by ongoing supply constraints than a moderation of demand,” Stephen Stanley, […]